Tebon Securities·2025-08-29 11:09Investment Rating - The report maintains a "Buy" rating for Shandong Gold [3] Core Views - The company's performance is driven by increased gold production and rising gold prices, with a significant year-on-year growth in revenue and net profit [8] - The company has made substantial progress in resource reserves through various acquisitions, which supports its long-term development [8] - The outlook for gold prices remains positive due to anticipated interest rate cuts by the Federal Reserve, which could further enhance the company's performance [8] - Future revenue and net profit projections for 2025-2027 are optimistic, with expected revenues of 924 billion, 966 billion, and 1006 billion respectively, and net profits of 67 billion, 80 billion, and 92 billion [8] Financial Data Summary - Total revenue for 2023 is projected at 59,275 million, with a year-on-year growth of 17.8% [7] - The company achieved a total revenue of 567.66 billion in the first half of 2025, representing a 24.01% increase year-on-year [8] - The net profit for the same period reached 28.08 billion, marking a 102.98% increase year-on-year [8] - The company's gold production in the first half of 2025 was 24.71 tons, an increase compared to the first half of 2024 [8] - The average gold price in China for 2025 is approximately 736.11 yuan per gram, up 32.1% from the average in 2024 [8] - The projected earnings per share (EPS) for 2025 is 1.49 yuan, with a net profit margin of 10.7% [9]